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NEW DELHI: Goldman Sachs has maintained 'sell' rating on Nestle on muted growth outlook, the global investment bank said in a report.

At 10:35 am, Nestle was trading 0.2 per cent higher at Rs 4698. It has hit a low of Rs 4640 and a high of Rs 4753 in trade today.

The investment bank has also lowered its price target from Rs 4041 earlier to Rs 3952. The stock has corrected nearly 6 per cent so far in the year 2013.

Goldman Sachs said that an increase in royalty will add to the company's growth challenges and they have cut CY2013-15 EPS estimates by 2-3 per cent to incorporate higher royalty payments and higher taxes.